TSX Keeps Rolling


Stocks in Canada’s largest centre kept the momentum going Thursday from interest rate declines the day before, powered largely by resource stocks.

The S&P/TSX Composite Index remained buoyant 84.08 points to wrap up Thursday at 22,229.10.

The Canadian dollar took on 0.11 cents at 73.16 cents U.S.

Gold proved the star of the show, with New Gold up 11 cents, or 3.9%, to $2.93, while OceanaGold copped 12 cents, or 3.9%, to $3.22.

Among other resource stocks, Filo Mining leaped $1.27, or 5.4%, to $24.67, while Transcontinental ballooned $1.21, or 9.1%, to $14.56.

Energy also had a good day, with Birchcliff Energy sailing24 cents, or 4%, higher to $6.22, while Advantage Oil & Gas ahead 37 cents, or 3.3%, to $11.45.

In tech shares, Celestica was battered $5.36, or 7%, to $71.80, while Computer Modeling was off 53 cents, or 4%, to $12.83.

Financials were also roughed up, with Brookfield Corporation dipping $1.18, or 2%, to $57.86, while Great-West hesitated 60 cents, or 1.5%. to $39.56.

In communications, Rogers shied away 67 cents, or 1.2%, to $54.09, while Quebecor slid 24 cents to $29.05.

On the economic front, Canadians learned their country’s merchandise exports increased 2.6%, while imports rose 1.1% in April. As a result, Canada’s merchandise trade deficit with the world narrowed from $2.0 billion in March to $1.0 billion in April.

The IVEY School of Business also published its PMI index Thursday. The seasonally-adjusted index fell to 52.0 from 63.0 in April, posting its lowest level since July. A reading above 50 indicates an increase in activity.

ON BAYSTREET

The TSX Venture Exchange gained 2.12 points to 601.98.

Seven of the 12 subgroups were positive ones, headed by gold, up 3%, materials, improving 2.4%, and energy climbing 0.9%.

The five laggards were weighed most by information technology, doffing 0.7%, while financials and communications each docked 0.4%.

ON WALLSTREET

The S&P 500 was little changed on Thursday, taking a pause after reaching a record, while traders awaited a key U.S. economic report.

The Dow Jones Industrials stayed above water 78.84 points to 38,886.17.

The much-broader index slipped 1.07 points to 5,352.96.

The NASDAQ lost 14.78 points to 17,173.12.

Lululemon jumped 4% as the sportswear manufacturer beat expectations in its fiscal first quarter. Five Below sank 11% on lackluster results and guidance. Chipmaker Nvidia traded 2% lower and cooled from record highs seen earlier in the week.

Nvidia powered those gains to top a $3-trillion market valuation and surpass Apple in value. Earlier this week, the company announced its next generation of artificial intelligence chips, known as “Rubin.”

Wall Street is looking ahead to Friday’s non-farm payrolls report for May, with investors on the hunt for signs of a weakening labour market, which could support rate cuts from the Federal Reserve. Economists polled by Dow Jones expect a jobs gain of 190,000.

Prices for the 10-year Treasury moved slightly forward, dropping yields to 4.28% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices grabbed $1.51 to $75.58 U.S. a barrel.

Gold prices hiked $15.60 to $2,391.10



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